PolarityTe Inc. (PTE) Stock lost 3.94% in the normal trading sessions on Friday, March 19, 2021, but it gained 18.03% in the pre-market trading on Monday. Let us try to find out the reason behind the mixed trend about PTE stock.
Scheduling the announcement of Financial Results
On March 10, 2021, PTE said that it will report financial results for the year ended December 31, 2020, by press release on Tuesday, March 30, 2021, at approximately 7:00 a.m. Eastern Time. Analyst expecting that company will be reporting negative earnings. The company lost 7.91% on March 10 after the schedule announcement.
Participation in the recent investor conference
PolarityTe Inc.participated virtually in Wainwright Global Life Sciences Virtual Conference, which held on March 9-10, 2021.
Pre-market approval for SkinTE
On February 10, 2021 PTE provided the update about the pre-market approval for SkinTE from the U.S. Food and Drug Administration (FDA) through submission of an investigational new drug application (IND) and eventual biologics license application (BLA). The company is positive to remain on track to file the IND for SkinTE in the second half of 2021.
About the Company
PolarityTE is a Biotechnology company, founded in 1998 and is based in Salt Lake City, UTAH, United States. PTE is focused on transforming the lives of patients by discovering, designing, and developing a range of regenerative tissue products and biomaterials for the fields of medicine, biomedical engineering and material sciences. PolarityTE manufactures products from the patient’s tissue and uses the patient’s own body to support the regenerative process.
Conclusion: If we see the recent past, PTE is facing both positive and negative trends. One day its stock fell and the next day it’s up. Still, there is no recent news in the market except the upcoming announcement of its financial results in which EPS is expected to be at -$0.76 as per average analyst’s estimates.